According to the kakeibo method, you must ask yourself the following questions before purchasing any non-essential items — or the things you buy on impulse, but might not necessarily need:

  1. Can I live without this item?
  2. Based on my financial situation, can I afford it?
  3. Will I actually use it?
  4. Do I have the space for it?
  5. How did I come across it in the first place? (Did I see it in a magazine? Did I come across it after wandering into a gift shop out of boredom?)
  6. What is my emotional state in general today? (Calm? Stressed? Celebratory? Feeling bad about myself?)
  7. How do I feel about buying it? (Happy? Excited? Indifferent? And how long will this feeling last?)

Note: Above points are taken from the article: I tried ‘Kakeibo’: The Japanese art of saving money—and it completely changed how I spend my money